XRP Decouples From Leading Cryptocurrencies; XRP Price Increases by 8%

  • The price of XRP has increased by more than 8% in the last 24 hours.

  • The price increase aided the token to decouple from the prevailing market trend.

25 Nov 2022 By: Anirudh Trivedi
XRP Decouples From L

The global crypto market cap fell by about 2% over the past day as 

Leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) posted red indexes.

 Meanwhile, XRP has managed to detach from the market's current trajectory.

As per the data, XRP is the top gainer among the top 100 cryptos in the last 24 hours. Over the last day, the price of XRP has increased by more than 8%. At the time of publication, it was trading at an average price of $0.41. However, the prices of Bitcoin and Ethereum have fallen by 1% and 3%, respectively.

Bitcoin trading volume fell by more than 25% in the last 24 hours to $22.6 billion. However, XRP's 24-hour trading volume increased by 57% to $1.56 billion.

According to a crypto expert, the XRP price surge alongside the Bitcoin price drop on the chart has only happened three times previously. On the daily timescale, he stated that XRP has broken above the EMAs and consolidated above the trend line without falling back.

However, during the latest price surge, crypto whales exchanged approximately 56 million XRP tokens. Whales from the Bitstamp crypto exchange contributed $10.5 million in XRP tokens.

SEC lawsuit affected Ripple’s growth?

In a Twitter thread, XRP holders' lawyer, Attorney John Deaton, stated that XRP has been in the top ten cryptos for over a decade. Hinman, on the other hand, granted Ethereum a pass while Ripple's native token was in second place. In December 2020, the SEC filed a lawsuit against Ripple.

Meanwhile, the SEC lawsuit isn't only about Ripple sales. Despite the fact that Coinbase and other crypto exchanges delisted the XRP coin, it has stayed among the top ten cryptos. It still has a market capitalization of more than $20.4 billion.

He noted that it is remarkable that XRP remains one of the industry's most misunderstood cryptocurrencies.

Read also: Binance’s Crypto Recovery Fund gets Increased to Over $2B